The 1inch token is used as a governance token for the 1inch network, which is a decentralized exchange (DEX) aggregator that connects multiple DEXes into one platform, and allows its users to find the most efficient swapping routes across all platforms. 1inch allows traders to source the best liquidity options and rates from different exchanges without having to check them manually.
1inch was founded by Sergej Kunz and Anton Bukov, and was launched in 2020. It is backed by several influential investors, including Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, and Dragonfly Capital. The network is governed by a decentralized autonomous organization (DAO).

Ren, previously known as the Republic Protocol, is a decentralized dark pool exchange protocol; designed to support large volume trades, without effecting the prices of the assets being traded. The blockchain-based, dark pool protocol has built in privacy mechanisms and is provably fair. It uses secure multi-party computation (sMPC), and a network of Darknodes, to match orders without exposing their volume or price. Their private order book will also enable cross-chain trades of tokenized assets. The Singapore based company is also developing RenX, a decentralized dark pool exchange, built with the Republic Protocol. REN is the network's utility token. It provides security to the network, and is staked to enable the operation of a Darknode in the network.